A client, we'll call her Susan, had a business that was struggling financially and operationally. She was totally disgusted because her partner of 10 years was no longer carrying his weight and didn't seem to understand the gravity of the situation. She was so stressed she was seriously considering liquidating the business if things couldn't be changed for the better in a very short time.
What to do? Her first commitment had to be to herself. Susan was able to realize that it was up to her to take command of this situation. She was coached to create some measurable goals with timeframes. She decided she wanted to give the business and her partner one last chance. Susan knew she must bring her partner, and eventually her staff, into the picture in order to get their buy-in.
She created Job Roles for herself, her partner and each of her staff (Office Manager, Buyer and 2 Salesmen). Because of the longstanding relationship between her and her partner, we agreed it was best if I met with the partner and her to present things up to this point. Preparing for this was anxiety-producing for Susan, but also liberating. NOTE: Using a third party (like a coach or consultant) can offer a different perspective to a known problem.
The partner was cordial and listened politely, as had been expected. But, of course, he didn't really GET IT that things had to change. Susan gave it 3 months under the new plan. Unfortunately, she had to bite the bullet and make the decision to liquidate the business. Fortunately, she was able to see the handwriting on the wall way in advance and gave herself six months to finalize the liquidation. Susan is in the process of purchasing a new business which will be hers alone. She could only do that once she realized she didn't actually need a partner. She had been carrying the business alone for several years anyway.
If you're in a business partnership or a longstanding working relationship that isn't working, ask yourself why you got into the relationship to begin with. Many times people just don't feel ready to take on the full responsibility of running a business so they look for anyone who is interested and willing to work with them. Having the wrong partner is the basis of many partner problems. How to find the right partner is, of course, the topic for another article.
If you can answer yes to one or more of the following it may be time to take command of your business and make the necessary changes.
- You're feeling like you're carrying more than your share of the work.
- Your partner seems to have lost interest in the business.
- You find more and more to disagree about.
- There have been changes in your partner's life that are interfering with his ability to function in the business.
- Your interest in the direction of the business is different from that of your partner.
Here are the steps I suggest you take if you're seriously considering making changes to your partnership arrangement.
1. Review your Partnership Agreement.
Your partnership may exist in the form of a Partnership or a Corporation. Either way, you have a legal entity that binds the two of you.
Have your attorney review your documents and tell you exactly where you stand from a legal perspective. This is important so you will know your limitations as you begin to plan.
If you have a written agreement about Roles and Responsibilities for each of you, assess whether it is still appropriate or needs to be updated.
2. Decide and document exactly what you want for your business and yourself.
Being in a state of dissatisfaction is the spur that will get you to take action. But you don't want to take action until you've thought through exactly what you're trying to achieve. Consider probable and possible outcomes for different scenarios to help you finalize a plan.
3. Create and write up a plan to accomplish your goals.
The most positive thing you can do is create a plan for yourself and the business as you see it and be prepared to present that to your partner. If dissolving the business is in your plan, be prepared with both the reasons you want to leave...and what you plan to do in the future. You're not just leaving the business; you're going into something else.
4. Schedule a time to "talk business" with your partner.
A change of venue from your typical meeting might be helpful. Sitting down over lunch or coffee could be a good place to start.
Be prepared for whatever response comes back to you. It can be anywhere from thankful to downright hostile. It will likely require some time for your partner to think through the ramifications of your proposal. Be forewarned; it's very difficult for people to make changes unless not making changes will jeopardize something of value to them. The bottom line is you don't want to back down from what you want. Compromise only if you're still OK with the terms.
If your partner is looking for an excuse to blame you for the ills of the business, you may hear about it when you bring up the subject. I know it's tempting, but be careful not to get into a blaming match. The objective is to present what you want for the business and yourself, and your plan to make it happen. Outlining how you see their role in the business is totally appropriate. Then it's up to them to agree or respond with another suitable option.
5. Be willing to walk away.
If you cannot come to terms, or if you do and the partner does not keep his agreement, you must be prepared for a change in business status. You may decide to close the doors, sell the business, sell your share to the partner, buy him out or any other option that will allow you to move forward with YOUR plan.
I know it's not easy to give up on something you've worked so long and hard to achieve. It's a lot like a marriage that's gone bad. At some point, however, you have to make the decision not to be the victim of circumstances any longer and make your move to position yourself for a better future.
Being proactive; thinking through what you want and how you will get it is the first step toward taking command of your business. If you continue to wait for the partner to do something you may wait a very long time. Your frustration will keep building and the business will surely continue to suffer.
Is it time to "take command of your business"?
Read additional Business and Partnership Success articles at http://www.primestrategies.com/success_articles
Help! I Want to Dump My Partner - To learn more about this author, visit Marian Banker's Website.
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Leanne Hoagland Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
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Marian Banker
(Visit Marian's Website)
A coach with passion for her work and her
clients' success, Marian will inspire and
challenge you to find and stay on your
right path. She is a seasoned executive,
entrepreneur and professional and shares
that expertise with her clients. You can
count on her as a partner and guide to
accelerate the achievement of your goals.
Producer and host for Small Business
Summit 2006, 2007 and 2008, an all-day
conference that brings together small
business owners and technology providers.
Creator of the "Business Success System",
a step-by-step process with tools, text
and a virtual classroom atmosphere.
Since 1995, has coached Entrepreneurs,
Professionals and Executives in transition
to become business leaders. Emphasis is on
what it takes to lead a business to
success.
Holds a Masters in Business Administration
and has over 25 years experience as senior
executive, consultant, entrepreneur,
educator, mentor and coach.
Founded Prime Strategies in 1996 to
provide the small business community with
coaching, consulting and training in
business leadership, translated into plain
English for the typical small business
owner.
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